>> this is the private economy. slowly recoverying on its own after the blow of late 2008 and early 2009. it is not the result of 0 i want rest rates. it is not the result of 85 billion a month being bought out in the bond market. it is just the slow healing of the economy and the fed should be getting out of the way, letting the market clear interest rates that would reflect real economics and real allocation of capital and risk. >> whether people like you or don't like you or agree with you, i should say, they know that you've got an interesting public policy past. from your vantage point, are fed chairman predictable? do you know as they come in pretty much how they will be or are they like supreme court justices where it's a crap shoot? >> i think now it's very unpredictable because we're in unchartered waters. this qe policy that we have today was inconceiveable even 10 or 15 years ago. they've made it up on the fly month after month meeting after meeting since the crisis of 2008. now they're so deep in the cor